Company Accounts

20 Questions  I  By Sweetsalman123

  
Changes are done, please start the quiz.


Question Excerpt

Removing question excerpt is a premium feature

Upgrade and get a lot more done!
1.  Virender Ltd. Forfeited 20 shares of Rs. 100 each (Rs. 60 called up) issued at par to Ram on which he had paid Rs. 20 per share. All the forfeited shares were reissued to Syam as Rs. 60 paid up for Rs. 45 per share. Amount transferred to capital reserve will be.
A.
B.
C.
D.
2.  Premium on issue of shares is recorded in___________.  
A.
B.
C.
D.
3.  Z Ltd. Purchased plant and machinery for Rs. 2,00,000 payable as to Rs.65,000.00 in cash and the balance by an issue of 6% debentures of Rs.1,000 each at a discount of 10%. Discount amount will be                               
A.
B.
C.
D.
4.  B Ltd. forfeited 500 shares of Rs. 10 each fully called up for non payment of first call of Rs. 2 per share. All these shares were reissued as fully paid for Rs. 8 per share. Amount transferred to capital reserve will be
A.
B.
C.
D.
5.  1. 50,000 equity share of Rs.100 each fully called up 2. Calls in arrears Rs.50,000 3. Proposed dividend 20%  
A.
B.
C.
D.
6.  Interest 10,000 received on debentures redemption Fund investment will be  
A.
B.
C.
D.
7.  Dividends are usually paid as a percentage of_______  
A.
B.
C.
D.
8.  A company issued Rs.20,000 15% debentures at a discount of 10% redeemable after 15 year at a premium of 5%. Loss on issue of debentures will be  
A.
B.
C.
D.
9.  Hardcore Computers Ltd. issued to public 15,000 shares of 10 each at apremium of Rs.2. Applications were received for 10,000 shares. The amount  payable was as follows: On application 3 per share On allotment 4 per share (including premium) On first and final call 5 per share All sums were duly received by the company except the following:Mr. Perfect holder of 100 shares did not pay allotment and call money. Mr.a Right holderof 200 shares did not pay call money. The company forfeited all the shares of Mr.Perfect. Share Capital a/c will be debited by   
A.
B.
C.
D.
10.  Jain & Co. forfeited 50 shares of Rs.10 each. Rs.8 called up on which application money of Rs.5 per share was paid. The entry .for forfeiture is. Options :                          (A)     Share Capital A/c Dr.                       400               To Share premium A/c                               150                To share allotment A/c                                250 (B)     Share Capital A/c Dr.                       400                To Share forfeiture A/c                               250                To Share allotment A/c                               150 (C)     Share Capital A/c Dr.                        500                   To Share forfeiture A/c                             250                   To Share allotment A/c                             250 (D)     None of the above
A.
B.
C.
D.
11.  Anwar Ltd. Purchased building worth Rs. 99,00,000 and issued 12% debentures of 100 each at a premium of 10%. Premium amount will be  
A.
B.
C.
D.
12.  S Ltd. issued 2,000,10% Preference shares of Rs.100 each at par, which are redeemable at a premium of 10%. For the purpose of redemption, the company issued 1,500 Equity Shares of Rs.100 each at a premium of 20% per share. At the time of redemption of Preference Shares, the amount to be transferred by the company to the Capital Redemption Reserve Account will be  
A.
B.
C.
D.
13.  The Promising Co. Ltd. took over assets of Rs. 3,50,000 and liabilities of Rs.30,000 of X Ltd. for a purchase consideration of Rs. 3,30,000. The Promising Co. Ltd. paid the purchase consideration by issuing 12% debentures of Rs. 100 each at 10% premium. No. of Debentures issued will be  
A.
B.
C.
D.
14.  Interest  is calculated on
A.
B.
C.
D.
15.  A company can redeem its debentures by :  
A.
B.
C.
D.
16.  Xeta Ltd. was formed as a Public Limited Company with an authorized capital of Rs.20,00,000 divided into shares of Rs.10 each. Xeta Ltd. issued fully paid up shares of Rs.10/-each in consideration of acquiring assets worth Rs.3,80,000 from M/s Rahim Bros. The shares are issued at a premium of 20%. to record this transaction, share capital need to be credited by  
A.
B.
C.
D.
17.  Interest received on debenture redemption fund investment is  
A.
B.
C.
D.
18.  2000 shares of Rs. 100 each were issued to a promoters of the company for their legal services, rendered in the formation of the company. For this, company credited share capital A/c and debited.  
A.
B.
C.
D.
19.  Mr. Big who was the holder of 200 equity shares of Rs.100 each on which Rs.75 per share has been called up could not pay his dues on allotment and first call each at Rs.25 per share. The Directors forfeited the above shares and reissued 150 of such shares to Mr. Small at Rs.65 per share paid-up as Rs.75 per share. The amount to be transferred to Capital Reserve account will be                       
A.
B.
C.
D.
20.  On May 01, 2003, Y Ltd. issued 7% 40,000 convertible debentures of Rs.100 each at a premium of 20%. Interest is payable on September 30 and March 31, every year. Assuming that the interest runs from the date of issue, the amount of interest expenditure debited to profit and loss account for theD ,year ended March 31, 2004 will be  
A.
B.
C.
D.
Back to top


to post comments.

Removing ad is a premium feature

Upgrade and get a lot more done!
Take Another Quiz